2 Um solche Leerverkäufe als Krisenursache auszuschalten, verfügten einige Mitgliedstaaten der Union ab 2008 befristete und auf bestimmte Finanzinstrumente beschränkte Verbote. 6 Es kam zu einem global ban für Leerverkäufe. 7 Diese nationalstaatlichen Verbote waren unkoordiniert und sehr heterogenen Zuschnitts. Das konnte im EU-Binnenmarkt kein dauerhafter Zustand sein. Daher griff schon bald die Europäische Kommission ein. Sie ersuchte ESME, 8 einen Bericht über Leerverkäufe zu erstellen. ESME kommt in diesem Bericht (Mai 2009) zu folgenden Schlussfolgerungen: 9 ESME s conclusions are that: i) Short selling plays an integral part of the proper functioning of the equities market and is a legitimate investment technique. ii) Permanent short selling restrictions are not necessarily effective as measures to address volatility and adversely impact markets and participants. iii) Regulators should have the ability to impose measures in extreme market circumstances without the requirement for lengthy pre-consultation. Such prohibitions might on a short term basis serve as a cushion against sudden drops in share prices, and should therefore only apply as a last resort, especially in case of financial markets crises. iv) There should be different levels of regulation, starting with restrictions on naked short selling. v) However, the impact of such measures should be fully and carefully considered with respect to their market impact and appropriateness to the specific situation prior to their implementation. Furthermore, there should be proof of due process having been followed to ensure that the significant disruption to the market has been adequately considered, such that market participants have confidence in the steps taken. vi) Any future rules and regulations should be based on a common international understanding of basic principles and technicalities. Since all major buy side and sell side firms count for a substantial part of the liquidity in the financial markets and are operating globally, it is imperative that short selling regulations if any are coordinated at a European as well as global level. The more deviations in such regulation exist among national jurisdictions, the higher will be the risk of adverse impact on the over all liquidity as a consequence as well as increased compliance and operational cost. Any future common standard for regulations on short selling should not simply adopt the regime with the strictest standards already in place ( levelling up ), but should implement rules which are reasonable with regard to market efficiency and market protection. No regulation by a single Member State should be implemented before a common position among the EU institutions has been reached. vii) Less interventionist measures may be more effective in addressing poten- 6 Näher Gruber/Raschauer, Short Selling Transparenz statt Verbot, RdW 2011, 321; Commission Staff Working Document 17 f. Eine Analyse der ökonomischen Folgen bieten etwa Beber/Pagano, Short-Selling Bans around the World: Evidence from Crisis (abrufbar unter abstract= ; Abrufdatum ). Zum US-amerikanischen Recht siehe Avgouleas, in Kern/ Moloney 72, 78, 100 ff mwn; Commission Staff Working Document 20 f, 96 ff. 7 Kritisch zur Sinnhaftigkeit Avgouleas, in Kern/Moloney 73: However, the global ban was more of a knee-jerk reaction to the precipitous price falls and less a comprehensive regulatory response to the challenges posed by short selling. 8 ESME nicht zu verwechseln mit ESMA! war eine von der Kommission 2006 befristet bis 2009 eingesetzte Expertengruppe, hauptsächlich aus Marktteilnehmern bestehend, die die Kommission in rechtlichen und wirtschaftlichen Fragen der EU-Wertpapier-Richtlinien beraten sollte (http://ec.europa.eu/internal_market/securities/esme/index-de.htm). 9 European Securities Markets Expert Group (ESME): Position on Short Selling (http://ec.europa.eu/ internal_market/securities/docs/esme/report_ _en.pdf). 2 Gruber, Leerverkäufe

3 A. Krise und Regulation tial concerns regarding short selling (e.g. in the Porsche/Volkswagen situation cited above) and increasing market transparency. That one we would suggest for consideration is that of the disclosure of short selling activity. This could be achieved on an aggregated and anonymous basis and may provide useful information to both regulators and other market participants. As the implementation of disclosure rules is very onerous if it is done on very short notice, it should be discussed, whether it should be implemented as a permanent measure for increasing transparency on markets. However, prior to any implementation of rules more detailed research is necessary to allow for a consistent application. viii) Any alternative measures should be considered on a costbenefit basis; for example, both uptick rules and the flagging of orders as short sales have been proposed, however, both are extremely costly and difficult to implement and further have not proven effective from either a cost or benefit perspective. Additional measures such as circuit breakers have also been suggested, however they suffer from practical drawbacks in a multi-execution environment ix) Procedures for addressing late settlements would make markets operate more efficiently and address some concerns regarding the market impact of naked short selling. Consequently we would suggest that buy-in procedures should be considered with respect to trade settlements, as already in place in some markets. Wie von einem Gremium bestehend aus Marktteilnehmern kaum anders zu erwarten, stand ESME allfälligen Restriktionen von Leerverkäufen skeptisch gegenüber. Einige der Vorschläge übten aber durchaus Einfluss auf die weitere Entwicklung aus, etwa der Hinweis auf die Notwendigkeit koordinierter Vorgehensweise oder die Überlegungen zur Transparenz von Leerverkäufen. Im April 2009 legte die Europäische Kommission vor dem Hintergrund einer am 20. April 2009 eingeleiteten Konsultation zur Überarbeitung der Marktmissbrauchsrichtlinie 10 einige allgemeine Fragen im Hinblick auf eine mögliche Regulierungspraxis für Leerverkäufe vor. Zunächst wird in dem Konsultationsdokument die Situation der Leerverkäufe beschrieben: There is a global debate on short selling. The crisis prompted, in September 2008, a range of more radical temporary measures, taken in an uncoordinated way in the EU, either to ban short selling on numerous shares of financial institutions, or to ban naked short selling on these shares, and/or to require disclosure of net short positions (generally of more than 0.25% of the capital of the concerned issuers). Short selling is an investment technique which may play an important role in supporting efficient markets. However, it could also be misused in different ways. 11 Die Kommission verweist auf die bereits getroffenen Maßnahmen einiger Mitgliedstaaten und stellt einen Widerspruch zum Binnenmarktziel fest: The Commission is considering carefully the various measures taken by Member States with respect to short selling. We consider that divergent measures on short selling in the Member States might be difficult to reconcile with the objective of developing inte- 10 Konsultation, Überarbeitung der Richtlinie 2003/6/EG über Insider-Geschäfte und Marktmanipulation (Marktmissbrauch) (http://ec.europa.eu/internal_market/ consultations/docs/2009/market_abuse/ call_for_evidence.pdf). 11 Konsultation (Fn 10) 17. Gruber, Leerverkäufe 3

4 grated and efficient financial markets in the EU. Market participants will need to bear undue costs of compliance with multiple EU regimes and cope with legal risks that will affect their trading activity in the EU markets. A more harmonised approach could eliminate undesirable regulatory arbitrage between Member States. 12 Hier taucht erneut der Gedanke auf, eine Harmonisierung der Rechtslage und damit auch eine Koordinierung der Maßnahmen im Binnenmarkt sei erstrebenswert. Dies veranlasst die Kommission in ihrer Konsultation zu folgenden Fragen: Do you see a need for a comprehensive framework for short selling? If so, should it be addressed in the Market Abuse Directive? What issues should such a regime cover? Should short sellers be required to report positions to competent authorities? Under which conditions should naked short selling be allowed? Should competent authorities be able to take emergency measures (e.g. temporary bans on short selling or on naked short selling) within prescribed limits when they need to address specific market risks and disruptions? Is there a need to enhance risk management by financial intermediaries and banks? Should investment firms and banks be required to have necessary arrangements in place to ensure timely delivery of financial instruments traded on own account or in the context of execution of clients' orders? 13 Parallel zu diesen Aktivitäten auf EU-Ebene fanden weltweit im Rahmen der IOSCO 14 Verhandlungen statt, deren Ergebnisse in einen Final Report vom Juni 2009 mündeten. 15 IOSCO empfiehlt darin vier Prinzipien für eine Leerverkaufsregulierung, die, wie wir sehen werden, großen Einfluss auf die folgende EU-Gesetzgebung haben sollten: The Technical Committee recommends that effective regulation of short selling comprises the following four principles: a) Short selling should be subject to appropriate controls to reduce or minimise the potential risks that could affect the orderly and efficient functioning and stability of financial markets. b) Short selling should be subject to a reporting regime that provides timely information to the market or to market authorities. c) Short selling should be subject to an effective compliance and enforcement system. d) Short selling regulation should allow appropriate exceptions for certain types of transactions for efficient market functioning and development. 16 Eine Konsultation durch CESR mündete in einem am veröffentlichten Abschlussbericht, in dem ein Modell für ein paneuropäisches Offenlegungssystem für Aktienleerverkäufe vorgeschlagen wurde. 17 Das darin entwickelte twotier model for disclosure sollte dann zu einem zentralen Inhalt der SSR werden: 12 Konsultation (Fn 10) Konsultation (Fn 10) International Organization of Securities Commissions (Internationale Vereinigung der Wertpapieraufsichtsbehörden). IOSCO hat weltweit rund 200 Mitglieder und deckt 95% der internationalen Märkte ab (Sitz in Madrid). 15 IOSCO, Regulation of Short Selling, Final Report (June 2009), (http://www.iosco.org/library/pubdocs/pdf/ioscopd292.pdf). 16 IOSCO, Final Report (vorige Fn) CESR/10-088, Model for a Pan-European Short Selling Disclosure Regime. 4 Gruber, Leerverkäufe

7 B. Was ist ein Leerverkauf? Begriff und Funktionsweise in the value of the short position. This is a common practice in most developed financial markets. Arbitrage: for example when a hedge fund combines a short position and a long position in two different but inter-related shares, to make a profit from the price differential between the two shares. Market making: in order to meet customer demand for securities which are not immediately available, market makers use short selling to fill client orders, i.e. to provide liquidity to the market. Schon an diesen Hauptanwendungsfällen kann man sehen, dass jedenfalls ein Teil der mit einem Leerverkauf verfolgten Zwecke, etwa das Hedging oder Market-Making, durchaus legitim sein können. 32 Ökonomisch steht hinter einem Leerverkauf die Absicht des Verkäufers, den Gewinn aus einem teureren Leerverkauf und einem billigeren nachträglichen Eindeckungsgeschäft zu erzielen. Das Eindeckungsgeschäft besteht in einem späteren Kauf oder am Kapitalmarkt gebräuchlicher in einer Wertpapierleihe (= Sachdarlehen) 33, bei Letzterer muss zu einem wieder späteren Zeitpunkt der Rückgabeanspruch des Verleihers durch einen Deckungskauf ausgeglichen werden. 34 Die Kommission bringt ein Beispiel: For example, an investor believes that there will be a decline in the stock price of Company A. Company A is trading at 60 a share, so the investor borrows shares of Company A stock at 60 a share and immediately sells them in a short sale. Later, Company A s stock price declines to 40 a share, and the investor buys shares back on the open market to replace the borrowed shares. Since the price is lower, the investor profits on the difference in this case 20 a share (minus transaction costs such as commissions and fees). However, if the price goes up from the original price, the investor loses money. Unlike a traditional long position when risk is limited to the amount invested shorting a stock leaves an investor open to the possibility of unlimited losses, since a stock can theoretically keep rising indefinitely Market-Making ist daher unter bestimmten Voraussetzungen von der SSR ausgenommen unten II.B Das Wertpapierdarlehen (Wertpapierleihe, securities lending) ist die Überlassung von Wertpapieren zu vollem Eigentum und zu freier Verfügung mit der Maßgabe, dass Papiere gleicher Art und Ausstattung zurückzugeben sind (Baumbach/Hopt, HGB 36, Bankgeschäfte Rn T/1). Securities owners often allow their brokers or depositories (securities lenders) to hold their securities on their behalf, i.e., to hold them in street name. Securities lenders holding securities on behalf of their clients legally own them, while their clients only hold corresponding interests in their accounts. Under the securities lending agreement, the title to the securities passes to the borrower of the securities and the short seller, respectively. In turn, the borrower gives a certain amount of the shares market price as cash collateral to the lender. While holding the collateral, the lender is able to reinvest the cash and make a return. (Gruenewald/Wagner/Weber, Short Selling Regulation after the Financial Crisis First Principles revisited, International Journal of Disclosure and Regulation, Vol. 7, No. 2, Ausführlicher etwa Mittermeier, ZBB 2010, 139 f. Am Kapitalmarkt läuft ein Leerverkauf deutlich komplexer unter Beteiligung verschiedener Personen ab, vgl etwa das Schaubild bei Gruenewald/ Wagner/Weber, Short Selling Regulation after the Financial Crisis First Principles revisited, International Journal of Disclosure and Regulation, Vol. 7, No. 2, Commission Staff Working Document 73. Gruber, Leerverkäufe 7

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